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신자유주의 금융개혁 비판과 새로운 금융제도의 모색
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신자유주의 금융개혁 비판과 새로운 금융제도의 모색.hwp
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신자유주의 금융개혁 비판과 새로운 금융제도의 모색.hwp
[Size :
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자료설명
자본시장의 수요기반 확충과 증권산업의 경쟁력 제고를 위한 정책들이 추진되었으며, 자본시장의 자금중개기능 활성화를 위해서 기업공개와 상장을 분리하...
본문/내용
자본시장의 수요기반 확충과 증권산업의 경쟁력 제고를 위한 정책들이 추진되었으며, 자본시장의 자금중개기능 활성화를 위해서 기업공개와 상장을 분리하고 상장요건을 완화하여 기업의 자본시장 이용기회를 확대하는 조치를 취했다. 또한, 코스닥 시장의 육성을 통한 중소·벤처기업의 직접 자금조달을 활성화시키는 조치를 취했으며, 국채전문딜러제도의 도입 등 국채시장을 선진화하고 선물거래소를 개설하는 등 채권시장을 활성화하는 정책을 추진했다. 여기에 더해 IMF와의 2차 분기 협의에 따라 뮤추얼 펀드가 설립되고, 기업의 구조조정 및 주택경기의 활성화를 목적으로 자산유동화증권(ABS)의 발행이 허용되었다.
외국인의 국내 자본시장에 대한 투자제한도 거의 폐지했다. 주식시장은 1998년 5월에 공공법인에 대한 투자를 제외한 주식, 주가지수 선물 및 옵션, 수익증권에 대한 투자한도가 폐지되었으며, 비상장 주식 투자와 발행시장에서의 유가증권 취득도 허용되었다. 채권시장도 1998년 5월까지 기업어음, 상업어음, 무역어음 등 기업발행 단기금융상품은 물론, CD, 표지어음, 종금사 발행어음, RP 등 금융기관 발행 단기금융상품까지 모두 개방되었다. 그리고 외국으로부터의 자본유입 자유화 폭도 대폭 확대했다. 기업의 장·단기 외화 차입이 완전히 자유화되었으며, 2000년 말까지는 국제평화와 공공질서를 저해하는 거래를 제외한 모든 외환거래가 자유화되게 된다.
2) 신자유주의 금융개혁과 최근의 금융시장
우리 나라의 최근 금융시장은 지속적인 신용경색 현상과 불안정을 겪고 있다. 물론, 1997년의 금융 및 외환위기 결과 금융부문에 부실채권이 누증되어 있고, 기업부문 역시 아직도 수익성의 침체를 겪고 있어서 금융시장이 정상적인 기능을 하지 못한다고 볼 수 있다. 그러나 이 금융시장의 신용경색과 불안정성의 강화는 신자유주의적 금융개혁에 의해서도 일부 영향을 받고 있다고 할 수 있을 것이다.
참고문헌
조복현(2000), “투자와 금융: 케인즈의 금융적 동기에 대한 해석의 쟁점”, 『사회경제평론』 제 15호.
한국은행(1999), 『우리나라의 금융시장』, 한국은행 금융시장국.
Arestis, Philip and Demetriades, Panicos (1999), “Financial Liberalization: the Experience of Developing Countries”, Eastern Economic Journal, vol. 25, no. 4.
Baker, Dean; Pollin, Robert and Shaberg, Marc(1994), “Main Street vs. Wall Street: Taxing the Big Casino”, Nation, vol. 258, no. 18(1994. 5. 9).
Bandiera, O., Capiro, G, Honohan, P., Schiantarelli, F. (1999), “Does Financial Reform Raise or reduce Savings?”, World Bank, Policy Research Working Paper, 2062.
Basle Committee on Banking Supervision (1997), Core Principles for Effective Banking Supervision, BIS
Bernstein Peter L. (1998), “Stock Market Risk in a Post Keynesian World”, Journal of Post Keynesian Economics, vol. 21 no. 1.
Cho Y-J and Khatkhate, D. (1989), “Lessons of Financial Liberalization in Asia”, World Bank Discussion Paper, 50.
Cox, Andrew (1986), “The State, Finance and Industry Relationship in Comparative Perspective”, in Cox, Andrew (ed.) The State, Finance and Industry; A Comparative Analysis of Post War Trends in Six Advanced Industrial Economies, New York, St. Martin`s Press.
Crotty, James R. and Epstein, Gerald (1996), “In Defence of Capital Controls”, Socialist Resister.
Crotty, James R. and Goldstein, Don (1993), “Do U.S. Financial Markets Allocate Credit Efficiently? The Case of Corporate Restructuring in the 1980s”, in Dymski, Gary A.; Epstein Gerald and Pollin, Robert (ed.), Transforming the U.S. Financial System, Armonk, M.E. Sharpe.
Davidson, Paul (1998), “Volatile Financial Markets and the Speculator”, Economic Issues, no. 3.
Davidson, Paul (1999), “The Role of Financial Markets; Efficiency vs Liquidity”, Presented at Ninth Annual Hyman Minsky Conference on Financial Structure, The Jerome Levy Economics Institute.
DeLong Bradford J.; Shleifer, Andrei; Summers, Lawlence H. and Waldmann, Robert J. (1989), “The Size and Incidence of Losses from Noise Trading”, Journal of Finance, vol. 44, no. 3.
Demirguc-Kunt, Asli and Detragiache, Enrica (1998), “The Determinants of Banking Crises in Developing and Developed Countries”, IMF Staff Papers, vol. 45, no. 1.
Diamond, Douglas and Dybvig, Philip (1983), “Bank Runs, Deposit Insurance, and Liquidity”, Journal of Political Economy, vol. 91, no. 3.
Dutt, Amitava Krishna (1995), “Interest Rate Policy, Growth and Distribution in Open Less-Developed Economy: a Theoretical Analysis”, in Arestis, P. and Chick, V. (eds.), Finance, Development and Structural Change, Edward Elgar.
Fry, Maxwell (1996), “Finance and Growth in Pacific Basin Developing Countries”, in Hermes, N. and Lensink, R. (eds.), Financial Development and Economic Growth, Routledge.
Goldstein, Don (1995), “Uncertainty, Competition, and Speculative Finance in the Eighties”, Journal of Economic Issues, vol. 29, no. 3.
Greenwood, J. and Jovanovic, B. (1990), “Financial Development, Growth, and the Distribution of Income”, Journal of Political Economy, vol. 98.
Grabel Ilene (1995), “Speculation-led Economic Development: a Post-Keynesian Interpretation of Financial Liberalization Programmes in Third World”, Internal Journal of Applied Economics, vol. 9.
Herman, edwardand Lowenstein, Louise (1988), “The Efficiency Effects of Hostile Takeovers”, in Coffee, John; Lowenstein, Louise and Rose-Ackerman, Susan (eds.) Knights, Raiders, and Targets, Oxford University Press.
Jomo, K. S. (1998), “Malaysian Debacle: Whose Fault?”, Cambridge Journal of Economics, vol. 22, no. 6.
Keynes, John Maynard (1936), The General Theory of Employment, Interest, and Money, London, Macmillan.
Keynes, John Maynard (1937), “The General Theory of Employment”, The Quarterly Journal of Economics, Feb.
Larudee, Mehrene (1998), “Integration and Income Distribution under North American Free Trade Agreement: the Experience of Mexico”, in Baker, D., Epstein, G. and Pollin, R. (eds.), Globalization and Progressive Economic Policy, Cambridge University Press.
Mayer, C. P. (1990) “Financial System, Corporate Finance and Economic Development”, in Hubbard, Glen (ed.) Asymmetric Information, Corporate Finance, and Investment, University of Chicago Press.
McKinnon, Ronald (1973), Money and Capital in Economic Development, The Brookings Institution.
Minsky, Hyman (1986), Stabilizing an Unstable Economy, New Haven, Yale University Press.
Mishkin, Frederic S. (1997), “The Causes nad Propagation of Financial Instability; Lessons for Policy Makers”, Presented at a Symposium Maintaing Financial Stability in a Global Economy, Sponsored by FRB of Kansas City.
Morck, Randall; Shleifer, Andrei and Vishny, Robert W. (1988), “Characteristics of Hostile and Friendly Takeover Targets”, in Auerbach, Alan (ed.), Corperate Takeovers: Causes and Consequences, Chicago, Univ. of Chicago Press.
Myers, Stewart and Majluf, Nicholas (1984), “Corporate Financing and Investment Decisions: When Firms Have Information That Investors Do not Have”, Journal of Financial Economics, vol. 13, June.
Parkin, Vincent (1983), “Economic Liberalism in Chile, 1973-82, a Model for Growth and Development or Recipe for Stagnation and Impoverishment?”, Cambridge Journal of Economics, vol. 7, no. 2.
Pollin, Robert (1995), “Financial Structures and Egalitarian Economic Policy”, New Left Review, 214.
Revlin, Alice M. (1998), “Toward a Better Class of Financial Crises: Some Lessons from Asia”, Presented at Eighth Annual Hyman Minsky Conference on Financial Structure, The Jerome Levy Economics Institute.
Shaw, Edward (1973), Financial Deepening in Economic Development, Oxford University Press.
Sikorski, Trevor M. (1996), Financial Liberalization in Developing Countries, Cheltenham: Edward Elgar.
Singh, Ajit (1995), “The Stock Market, Economic Efficiency and Industrial Development”, in Arestis, P. and V. Chick (eds.), Finance, Development and Structural Change, Edward Elgar.
Smithers, Andrew and Wright, Stephen (2000), Valuing Wall Street: Protecting Wealth in Turbulent Markets, McGraw-Hill.
Stiglitz, Joseph, E. (1989), “Using Tax Policy to Curb Speculative Short-Term Trading”, Journal of Financial Service Reseach, no. 3.
Stiglitz, Joseph, E. (1999), “What Have We Learned from the Recent Crises: Implication for Bank”, Remarks at the Conference Global Financial Crises: Implications for Banking and Regulation, Federal Reserve Bank of Chicago.
Stiglitz, Joseph, E. (2000), “Capital Market Liberalization, Economic Growth, and Instability”, World Development, vol. 28, no. 6.
Stiglitz, Joseph E. and Weiss, Andrew (1981), “Credit Rationing in Markets with Imperfect Information”, American Economic Review, vol. 71, no. 3.
Stein, Jeremy C. (1988), “Takeover Threats and Managerial Myopia”, Journal of Political Economy, vol. 96, no. 11.
Summers, Lawrence H. and Summers, Victoria P. (1989), “When Financial Markets Work too Well: A Cautious Case for a Securities Transactions Tax”, Journal of Financial Service Reseach, no. 3.
한국은행(1999), 『우리나라의 금융시장』, 한국은행 금융시장국.
Arestis, Philip and Demetriades, Panicos (1999), “Financial Liberalization: the Experience of Developing Countries”, Eastern Economic Journal, vol. 25, no. 4.
Baker, Dean; Pollin, Robert and Shaberg, Marc(1994), “Main Street vs. Wall Street: Taxing the Big Casino”, Nation, vol. 258, no. 18(1994. 5. 9).
Bandiera, O., Capiro, G, Honohan, P., Schiantarelli, F. (1999), “Does Financial Reform Raise or reduce Savings?”, World Bank, Policy Research Working Paper, 2062.
Basle Committee on Banking Supervision (1997), Core Principles for Effective Banking Supervision, BIS
Bernstein Peter L. (1998), “Stock Market Risk in a Post Keynesian World”, Journal of Post Keynesian Economics, vol. 21 no. 1.
Cho Y-J and Khatkhate, D. (1989), “Lessons of Financial Liberalization in Asia”, World Bank Discussion Paper, 50.
Cox, Andrew (1986), “The State, Finance and Industry Relationship in Comparative Perspective”, in Cox, Andrew (ed.) The State, Finance and Industry; A Comparative Analysis of Post War Trends in Six Advanced Industrial Economies, New York, St. Martin`s Press.
Crotty, James R. and Epstein, Gerald (1996), “In Defence of Capital Controls”, Socialist Resister.
Crotty, James R. and Goldstein, Don (1993), “Do U.S. Financial Markets Allocate Credit Efficiently? The Case of Corporate Restructuring in the 1980s”, in Dymski, Gary A.; Epstein Gerald and Pollin, Robert (ed.), Transforming the U.S. Financial System, Armonk, M.E. Sharpe.
Davidson, Paul (1998), “Volatile Financial Markets and the Speculator”, Economic Issues, no. 3.
Davidson, Paul (1999), “The Role of Financial Markets; Efficiency vs Liquidity”, Presented at Ninth Annual Hyman Minsky Conference on Financial Structure, The Jerome Levy Economics Institute.
DeLong Bradford J.; Shleifer, Andrei; Summers, Lawlence H. and Waldmann, Robert J. (1989), “The Size and Incidence of Losses from Noise Trading”, Journal of Finance, vol. 44, no. 3.
Demirguc-Kunt, Asli and Detragiache, Enrica (1998), “The Determinants of Banking Crises in Developing and Developed Countries”, IMF Staff Papers, vol. 45, no. 1.
Diamond, Douglas and Dybvig, Philip (1983), “Bank Runs, Deposit Insurance, and Liquidity”, Journal of Political Economy, vol. 91, no. 3.
Dutt, Amitava Krishna (1995), “Interest Rate Policy, Growth and Distribution in Open Less-Developed Economy: a Theoretical Analysis”, in Arestis, P. and Chick, V. (eds.), Finance, Development and Structural Change, Edward Elgar.
Fry, Maxwell (1996), “Finance and Growth in Pacific Basin Developing Countries”, in Hermes, N. and Lensink, R. (eds.), Financial Development and Economic Growth, Routledge.
Goldstein, Don (1995), “Uncertainty, Competition, and Speculative Finance in the Eighties”, Journal of Economic Issues, vol. 29, no. 3.
Greenwood, J. and Jovanovic, B. (1990), “Financial Development, Growth, and the Distribution of Income”, Journal of Political Economy, vol. 98.
Grabel Ilene (1995), “Speculation-led Economic Development: a Post-Keynesian Interpretation of Financial Liberalization Programmes in Third World”, Internal Journal of Applied Economics, vol. 9.
Herman, edwardand Lowenstein, Louise (1988), “The Efficiency Effects of Hostile Takeovers”, in Coffee, John; Lowenstein, Louise and Rose-Ackerman, Susan (eds.) Knights, Raiders, and Targets, Oxford University Press.
Jomo, K. S. (1998), “Malaysian Debacle: Whose Fault?”, Cambridge Journal of Economics, vol. 22, no. 6.
Keynes, John Maynard (1936), The General Theory of Employment, Interest, and Money, London, Macmillan.
Keynes, John Maynard (1937), “The General Theory of Employment”, The Quarterly Journal of Economics, Feb.
Larudee, Mehrene (1998), “Integration and Income Distribution under North American Free Trade Agreement: the Experience of Mexico”, in Baker, D., Epstein, G. and Pollin, R. (eds.), Globalization and Progressive Economic Policy, Cambridge University Press.
Mayer, C. P. (1990) “Financial System, Corporate Finance and Economic Development”, in Hubbard, Glen (ed.) Asymmetric Information, Corporate Finance, and Investment, University of Chicago Press.
McKinnon, Ronald (1973), Money and Capital in Economic Development, The Brookings Institution.
Minsky, Hyman (1986), Stabilizing an Unstable Economy, New Haven, Yale University Press.
Mishkin, Frederic S. (1997), “The Causes nad Propagation of Financial Instability; Lessons for Policy Makers”, Presented at a Symposium Maintaing Financial Stability in a Global Economy, Sponsored by FRB of Kansas City.
Morck, Randall; Shleifer, Andrei and Vishny, Robert W. (1988), “Characteristics of Hostile and Friendly Takeover Targets”, in Auerbach, Alan (ed.), Corperate Takeovers: Causes and Consequences, Chicago, Univ. of Chicago Press.
Myers, Stewart and Majluf, Nicholas (1984), “Corporate Financing and Investment Decisions: When Firms Have Information That Investors Do not Have”, Journal of Financial Economics, vol. 13, June.
Parkin, Vincent (1983), “Economic Liberalism in Chile, 1973-82, a Model for Growth and Development or Recipe for Stagnation and Impoverishment?”, Cambridge Journal of Economics, vol. 7, no. 2.
Pollin, Robert (1995), “Financial Structures and Egalitarian Economic Policy”, New Left Review, 214.
Revlin, Alice M. (1998), “Toward a Better Class of Financial Crises: Some Lessons from Asia”, Presented at Eighth Annual Hyman Minsky Conference on Financial Structure, The Jerome Levy Economics Institute.
Shaw, Edward (1973), Financial Deepening in Economic Development, Oxford University Press.
Sikorski, Trevor M. (1996), Financial Liberalization in Developing Countries, Cheltenham: Edward Elgar.
Singh, Ajit (1995), “The Stock Market, Economic Efficiency and Industrial Development”, in Arestis, P. and V. Chick (eds.), Finance, Development and Structural Change, Edward Elgar.
Smithers, Andrew and Wright, Stephen (2000), Valuing Wall Street: Protecting Wealth in Turbulent Markets, McGraw-Hill.
Stiglitz, Joseph, E. (1989), “Using Tax Policy to Curb Speculative Short-Term Trading”, Journal of Financial Service Reseach, no. 3.
Stiglitz, Joseph, E. (1999), “What Have We Learned from the Recent Crises: Implication for Bank”, Remarks at the Conference Global Financial Crises: Implications for Banking and Regulation, Federal Reserve Bank of Chicago.
Stiglitz, Joseph, E. (2000), “Capital Market Liberalization, Economic Growth, and Instability”, World Development, vol. 28, no. 6.
Stiglitz, Joseph E. and Weiss, Andrew (1981), “Credit Rationing in Markets with Imperfect Information”, American Economic Review, vol. 71, no. 3.
Stein, Jeremy C. (1988), “Takeover Threats and Managerial Myopia”, Journal of Political Economy, vol. 96, no. 11.
Summers, Lawrence H. and Summers, Victoria P. (1989), “When Financial Markets Work too Well: A Cautious Case for a Securities Transactions Tax”, Journal of Financial Service Reseach, no. 3.
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